Jan 1, 2013 2:00am PST
for the pentagon and domestic analeses this week. the cost of 24 billion for spending cuts and revenues for converting traditional individual retirement accounts on to roth ira's. getting into the weeds of it how is this going to effect our military members? >> military members won't see any direct effect. you will see federal employees the sworn civil servants and contractors affected most directly. right now we are talking about a fwhont kicking the can down the road. with that said there was no clear path forward. the pentagon completely blew this off. they were not prepared for anything having to do with the cuts. they did not do budget offsets talking about getting down into the wings. the offsets are those things you can take cuts on and not suffer degradation of options. you can kick that down the road to be funded. fundamentally we are not seeing a relook or reorganization of the department of defense since 1947. secretary of defense pineda put out this 5 point opinion piece for the failure of the pentagon to do this. president obama called benghazi a result of sloppy thinking.
Dec 31, 2012 2:00am PST
.2 trillion of cuts they live with. now mhalf are directed at the pentagon but the dramatic across the board cuts can be offset by raising taxes on the rich. >> if we have raised revenue by the wealthy paying more that is sufficient to turn off the sectsec quest tore the automatic cuts. >> senator graham told me he thinks it is possible to find 600 billion cuts elsewhere to suspend for a decade but a bipartisan agreement probably can't be reached until february or march. peter doocy, fox news. >>> 17 after the hour. still ahead is one of your new year's resolutions to save money or pay down your debt? personal finance expert vera gibbons is here with financial help for the new year. >> asking you what you thought were the biggest stories in hollywood this year. your answers are coming up. >> welcome back. 20 minutes after the top of the hour. with all eyes focused on the fiscal cliff president obama has quietly extended the warrantless wire tap law for five more years. the surveillance act let's the government monitor overseas phone calls and e-mails without a court order. it does not apply
Jan 2, 2013 2:00am PST
it would have especially hit the pentagon those have been delayed for at least two months. so it's something that they are going to have to tackle again. the other big problem what it does to the deficit more than 4 trillion of added debt that had a -- had many republicans voting against it. >> that is going to be huge debate over raising the nation's debt ceiling the president will push for an automatic increase in that. they will want to extract something in the way of spending cuts. we have been through this before. because republicans didn't get much of anything in spending cuts and the deal last night they will look for big ones in the debt ceiling negotiation. >> we hit the december ceiling november 21st but they put in emergency measures. what can you tell us about those measures? >> we know there are accounting gimmicks they can use to extend this. they can buy maybe a couple a month. they can negotiate the deal the president wanted to have some kind af debt ceiling raised as part of the agreement. this was kicked down the road. it is something in the way of spending cut